RajendraNayak

ICICI Bank Trade Plan for 18th November

Long
NSE:ICICIBANK   ICICI BANK
On 17th Nov, no major action happened in ICICI bank . ICICI bank gave a dip towards composite POC at 480 and bulls took control and closed near day high. This confirms bulls pretty much active in ICICI bank. ICICI bank is now on verge of a good upside breakout. Below are plans for 18th Nov. Basically plan remains same as 17th November.

1. Opening above above 490 and sustaining makes ICICI bank breakout on the upside. Go long positionally with SL of 486 for target of 498/506/524.

2. Sustaining below 486 is a short scalping opportunity with SL of 489 for target of 480.

3. Go short only if 472 breaks and sustains with SL of 476 for target of 464/458. This is very unlikely scenario unless something bad news.

Remember ICICI bank is a major constituent of BankNifty . Dont remain short in BankNifty if ICICI bank gives upside breakout.

If you guys like the idea, please give a Thumbs up to motivate me. Also Please share your thoughts in comments as well.
Comment: Boom!!! Trade plan 1 worked very well with first target 498 reached. Positionally hold/trail for further targets.

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